31 Mar 2015 16:13
31st March 2015
SQN Asset Finance Income Fund Limited investment
£4.0m investment made in partnership with Foresight Group in anaerobic digestion plant
SQN Asset Finance Income Fund Limited (the "Fund"), the only diversified equipment leasing fund listed in the UK, is pleased to announce that it has committed to invest in an on-farm anaerobic digestion plant (the "plant") at Old Quarrington, Durham.
The Fund's investment of £2.0m is being made alongside a Green Investment Bank backed fund managed by the Foresight Group, Recycling and Waste LP (RAW), which is investing £2.0m towards the plant on the same terms as the Fund.
The Old Quarrington project will treat farm waste to produce renewable power, renewable heat and agricultural fertiliser. The project has a 20 year lifespan where the project will generate 3,400 MWh of electricity, enough renewable energy to power 800 households and 3,000 MWh of heat. The project is forecast to reduce greenhouse gas emissions by over 3,300 tonnes Co2e per annum, equivalent to taking 1,400 cars off the road.
Neil Roberts, Investment Manager of the SQN Asset Finance Income Fund, commented:
"We're delighted to be working with the Green Investment Bank and Foresight Group to expand further our significant involvement in funding the anaerobic digestion sector of the renewables market. The Old Quarrington anaerobic digestion plant represents an attractive green investment opportunity for the Fund which will not only provide long-term electricity generation but will also contribute to reducing greenhouse emissions. Anaerobic digestion and waste to energy project financing in the UK is a sector that we have experience in financing, and we see the investment in this project as fitting our criteria of being business-essential, revenue-producing with a long-term sustainable business model."
SQN Capital Management, LLC Neil Roberts Jeremiah Silkowski | 01932 575 888 | ||||||
| 020 7466 5000 |
Notes to Editor
About SQN Asset Finance Ltd
Managed by SQN Capital Management, the SQN Asset Finance Income Fund is the UK's only Main Market, publicly-traded diversified equipment leasing and asset finance fund. The fund is designed to provide monthly income to investors through collateralized investments in a diverse pool of business-essential assets and equipment with high in-place value and active secondary markets. The fund focuses on investments in the agricultural, energy, environmental, material handling, medical, manufacturing, technology, and transportation industries as well as on providing project finance for asset-intensive businesses. By avoiding large ticket cyclical assets and high-volume, low margin investments prone to consumer credit cycles, the fund's performance is intended not to be correlated with the broader markets.
About Foresight
Foresight Group has been managing investment funds on behalf of institutions and retail clients for 30 years. With a background in Private Equity and Venture Capital, Foresight has diversified activities and today manages institutional funds principally in European Infrastructure (Solar and PPP), Environmental and UK small cap Private Equity, including six years of specific Infrastructure experience.
Foresight has in excess of £1.3bn assets under management and boasts one of the UK's leading Environmental infrastructure investment teams. It is responsible for managing approximately £250m of environmental assets which include the £78m UKWREI Fund which has now reached full deployment and the recently announced £50m Recycling and waste LP (RAW) mandate which will target waste and recycling projects up to £30m in size. Both funds are cornerstoned by the UK Government's Green Investment Bank for UK environmental infrastructure. Foresight also manages the £60m Foresight Environmental Fund.